Linens 'n Things
| Company type | Public (formerly) |
|---|---|
| Industry | Retail (home textiles, kitchenware, decorative home accessories) |
| Founded | November 1958 (as leased-linen department); first standalone store August 1970 |
| Founder | Eugene Wallace Kalkin |
| Defunct | December 28, 2008 (brick-and-mortar stores); ceased original online operations 2018 |
| Fate | Bankruptcy and liquidation of physical stores; brand acquired by Retail Ecommerce Ventures in 2020 |
| Headquarters | Clifton, New Jersey , United States |
Area served | United States, Canada |
Key people | Norman Axelrod (CEO until 2006), Robert DiNicola (CEO from 2006), F. David Coder (President), Omer Fancy (EVP Marketing) |
| Products | Home textiles, kitchenware, decorative home accessories |
Number of employees | 7,300 (2006) |
| Website | lnt |
Linens 'n Things, Inc. was a prominent big-box retailer focusing on home textiles, kitchenware, and decorative home accessories. Headquartered in Clifton, New Jersey, the company operated 571 outlets across 47 states in the U.S. and six provinces in Canada, employing approximately 7,300 individuals as of December 2006. The company’s strategy centered on providing an extensive assortment of premium, branded home furnishings at competitive everyday prices while emphasizing efficient operational costs and exceptional customer service.
Following leveraged buyouts by private equity firms that saddled the company with significant debt, Linens 'n Things announced the shutdown of all its physical stores in October 2008. Subsequently, it transitioned to an online-only retail model in February 2009 through LNT.com, continuing to offer similar merchandise until it ceased operations in 2018.
In July 2020, Retail Ecommerce Ventures (REV), a holding company, acquired the rights to the Linens 'n Things brand. By November 2020, the website was relaunched to resume online retail activities.
Founding
The origins of Linens 'n Things date back to November 1958 when Eugene Wallace Kalkin established a leased-linen department within Great Eastern Mills, a New Jersey-based retailer. The first standalone Linens 'n Things store opened in August 1970 in East Brunswick, New Jersey. After Daylin, Inc., the parent company of Great Eastern Mills, filed for bankruptcy in 1975, Kalkin purchased seven stores and formed an independent entity named Linens 'n Things, Inc.
By 1983, the chain had grown to 55 locations, attracting acquisition interest from Melville Corporation, which purchased it that year. Under CEO Norman Axelrod’s leadership starting in 1989, the company aggressively expanded its superstore format to compete directly with Bed Bath & Beyond. The business was later spun off through an initial public offering (IPO) during Melville’s restructuring into CVS Corporation in 1996.
Acquisition and financial challenges
In February 2006, Apollo Global Management acquired Linens 'n Things for $1.3 billion. Following this acquisition, Robert (Bob) DiNicola replaced Norman Axelrod as CEO, with key executives including President F. David Coder and Executive Vice President of Marketing Omer Fancy.
For the fiscal quarter ending September 29, 2007, Linens Holding Co. and its subsidiaries reported net sales of $666.8 million, an increase from $658.2 million the previous year. This growth was attributed to new store openings offsetting declines in comparable store sales caused by fewer transactions despite higher average purchase amounts.
Operating losses rose sharply to $56.6 million—including a $16.8 million impairment charge—compared to $17.9 million a year earlier. Losses before taxes increased to $79.2 million from $41.7 million previously, culminating in a net loss of $79.9 million versus $27.4 million during the prior period.
In April 2008, there were reports that the company was evaluating options such as selling its profitable Canadian operations as part of exploring strategic alternatives; however, this division ultimately closed alongside all U.S.-based stores.
Bankruptcy and liquidation
On May 2, 2008, Linens 'n Things initiated Chapter 11 bankruptcy proceedings and shuttered 120 of its retail locations. By August 2008, the company intended to exit bankruptcy protection in early 2009 by abandoning the promotional clearance tactics implemented after Apollo's acquisition, instead reverting to a strategy centered on consistent "everyday, low pricing." Leadership focused on enhancing product quality and optimizing inventory control.
By October 7, 2008, Linens 'n Things petitioned the court for authorization to auction off its remaining 371 stores and commence store closure sales. A week later, on October 14, the firm declared its sale to asset liquidation experts and launched going-out-of-business promotions across its U.S., Canadian, and online outlets. These clearance events wrapped up at all physical locations by December 28, 2008, while online sales persisted until February 15, 2009.
Following the shutdown, an abandoned Linens 'n Things store in Middletown, Rhode Island found a unique second life in 2011 as a filming location for the movie Moonrise Kingdom, illustrating an uncommon post-liquidation application of former company real estate.
Online revival
In 2009, Linens 'n Things resurfaced from bankruptcy by sustaining its online retail presence despite closing its main e-commerce platform. Ownership of the website changed hands, allowing the brand to continue its focus beyond its previous brick-and-mortar footprint. After the original website ceased operations on February 15, 2009, visitors were redirected to a new digital storefront initially hosted at thenewlnt.com before eventually returning to the original domain, lnt.com.
On December 9, 2013, Gordon Brothers and Hilco Global transferred ownership of Linens 'n Things to Galaxy Brand Holdings. Presently, the brand is held by Retail Ecommerce Ventures (REV), a holding entity established by Alex Mehr and Tai Lopez that specializes in acquiring and revitalizing struggling brands through e-commerce channels. REV’s portfolio also includes Dressbarn, Modell's Sporting Goods, Franklin Mint, and Pier 1 Imports.
On March 2, 2023, Retail Ecommerce Ventures disclosed it was contemplating a possible bankruptcy filing, casting doubt on the financial health of Linens 'n Things’ parent company.